Home Loan EMI Calculator
Calculate monthly EMI, total interest, and amortisation for your home loan — with Section 24 and 80EEA tax saving estimates.
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How to use this calculator
- 1
Enter the home loan amount in rupees.
- 2
Enter the annual interest rate — current SBI home loan rates are 8.4–9% p.a.; check your bank's offer.
- 3
Set the tenure — most home loans in India are for 15–30 years.
- 4
The tax saving estimate uses Section 24 (₹2L/year interest deduction) and Section 80C (principal repayment) at the 30% tax bracket.
Frequently asked questions
What tax benefits does a home loan provide?
Section 24(b): Interest paid on home loan is deductible up to ₹2,00,000 per year for a self-occupied property (no limit for let-out property). Section 80C: Principal repayment (including stamp duty and registration in the first year) is deductible up to ₹1,50,000 per year within the overall 80C limit. Section 80EEA: First-time buyers for affordable housing (stamp duty up to ₹45L) get an additional ₹1.5L deduction under old regime.
What is the maximum home loan tenure?
Most Indian banks offer home loans up to 30 years. SBI, HDFC, ICICI, and other major banks offer loans up to 30 years for borrowers up to 50 years of age. The maximum age at loan completion is typically 70–75 years.
Fixed vs floating rate home loan — which is better?
Floating rates (linked to RBI repo rate via EBLR/MCLR) currently offer lower rates than fixed, but fluctuate. Fixed rates provide certainty. In a falling rate environment, floating rates benefit borrowers. Most Indian home loans are floating. If rates are expected to rise, locking in a fixed rate makes sense for part of the tenure.
What is prepayment and how does it help?
Prepayment means paying extra principal during the loan tenure. Even one lump-sum prepayment early in the loan significantly reduces total interest — prepayments reduce the outstanding principal against which interest compounds. There is no prepayment penalty on floating rate home loans per RBI guidelines.
Home Loan EMI Calculator India — Interest, tenure, and tax saving
How home loan EMI is calculated
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly interest rate (annual rate / 12), and n is total months. In the early years, most of the EMI goes towards interest. As you progress, a larger portion goes to principal — this is the amortisation effect.
Current home loan rates in India (2025)
SBI home loans start at 8.25% p.a. (for credit scores above 750). HDFC Bank offers 8.4–9.15%. ICICI Bank offers 8.75%+. Most banks link floating rates to the RBI repo rate (currently 6.25%) with a spread. Lower credit scores, higher LTV ratios, and some professions attract higher rates.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →